Young Americans Prefer Crypto Over Banks: Why?

Young Americans are leaning towards cryptocurrency over traditional banks. This shift is driven by their desire for more control and transparency over their money. Recent studies show that nearly half of Gen Z has used a crypto exchange, and over a third own or use crypto. This generation values the ability to monitor their assets and choose how they are stored. Interestingly, they are split on whether they prefer to hold their assets themselves or use regulated providers. This trend highlights a generational divide in financial trust. Younger people are more likely to trust crypto with their assets compared to older generations. For instance, 22% of Gen Z and 24% of Millennials trust crypto more than banks, compared to just 5% of Boomers.However, not everyone is on board. Older Americans are more skeptical about the safety and reliability of cryptocurrency. Overall, only 17% of U. S. adults have invested in or used crypto, with most of them being younger. This preference for crypto is starting to impact other areas of finance, like housing. Some mortgage lenders are now considering crypto holdings when qualifying buyers. This is a big deal, as it shows how crypto is becoming more mainstream. Trust is a big factor here. People are more likely to trust systems where they can see what's happening and have control. But trust can break down when people feel responsible without proper safeguards. In short, young Americans are leading the charge in adopting crypto, driven by their desire for control and transparency. This shift is not just about technology; it's about a change in how people think about money and trust.